Zillow Advice: Mortgage - Interest only w/9k prepayment penalty resets in Oct Refi now or wait

Been doing this long ago ...

Fri, 04 Apr 2008 05:59:00 GMT

Been doing this long ago to know I do not have enough info to answer but I need to put in my two cents.

1. As far as Countrywide goes I did a blog last week that exposes "no cost." Read the fine print and you will find the cost.

2. As far as refinancing you really need to find out what your market is doing. Now I hope it is picking up now but this can hurt you in October. You state that your market is going down and with new sales these will be your comparables in October.

Now you should be able to do the 97% FHA refi in October but you might be flirting with value.

You know what you have now. October is a gamble. I will not tell you to do it or not but you really need to find out what homes are selling for right now in your area. That way you can decide.

Thanks

Tony

WAIT IT OUT!!!!!!

Fri, 04 Apr 2008 03:07:00 GMT

WAIT IT OUT!!!!!!

Having been in the mortgage ...

Fri, 04 Apr 2008 00:43:00 GMT

Having been in the mortgage industry since 1979, I have seen, talked about and heard everything that can, does and will happen. I do mortgages for a living and my focus has always been doing what is in the best interest of anyone I have the privilege of meeting and communicating with.

Having said that, my advice is this: Do nothing. Save your money. That one broker trying to convince you to do a loan does not have your best interest in mind.

Tom O'Leary answered your question perfectly. Kudos to him.

Rest easy any DO NOT listen to anyone else! Thank you and good luck.

If you do have any other questions please call me or email me anytime. My toll-free nationwide 800 # is: 1-800MyMoney (1-800-696-6639)

Countywide does offer no ...

Thu, 03 Apr 2008 21:49:00 GMT

Countywide does offer no cost refinancing but check for a larger than par rate...that is used to pay the third party fees. You should wait for the pre pay to expire because you are very close at this point in time. If inflation appears to be contained then we could be in a better interest rate environment in October 2008. With FHA mortgage insurance can be a negative to some people but you can deduct this cost on your taxes for the next three years.

Ron Aguilar

Don't pay the prepay. Your ...

Thu, 03 Apr 2008 21:05:00 GMT

Don't pay the prepay. Your reset rate in October may be no worse than you are paying now, and could possibly be better.

Tom O'Leary